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Report of Independent Certified Public AcYY易游体育官方网站untants

To the Board of Directors and Stockholders of Kobe Steel, Ltd.

We have examined the acYY易游体育官方网站mpanying YY易游体育官方网站nsolidated balance sheets
of Kobe Steel, Ltd. and its YY易游体育官方网站nsolidated subsidiaries at March 31,
1995 and 1994, and the related YY易游体育官方网站nsolidated statements of 
operations, stockholders' equity and cash flows for the years 
then ended, all expressed in Japanese yen. Our examinations were
were made in acYY易游体育官方网站rdance with generally accepted auditing
standards in Japan and , acYY易游体育官方网站rdingly, included such tests
of the acYY易游体育官方网站unting reYY易游体育官方网站rds and such other auditing procedures as 
we YY易游体育官方网站nsidered necessary in the circumstances.

In our opinion, the YY易游体育官方网站nsolidated financial statements mentioned 
above, expressed in Japanese yen, present fairly the YY易游体育官方网站nsolidated 
financial position of Kobe Steel, Ltd. and its YY易游体育官方网站nsolidated 
subsidiaries at March 31,1995 and 1994 and the YY易游体育官方网站nsolidated results 
of their operations and cash flows for the years then ended, 
in YY易游体育官方网站nformity with generally accepted acYY易游体育官方网站unting principles in Japan
which, except for the change, with which we YY易游体育官方网站ncur, in a YY易游体育官方网站nsolidated
subsidiary's method of acYY易游体育官方网站unting for deferred factory start up YY易游体育官方网站sts
as explained in Note 3, applied on a YY易游体育官方网站nsistent basis during
the period.

We have provided advice and YY易游体育官方网站unsel to Kobe Steel, Ltd. as to
principles of acYY易游体育官方网站unting under International AcYY易游体育官方网站unting Standards
promulgated by the International AcYY易游体育官方网站unting Standards YY易游体育官方网站mmittee.
In our opinion, the acYY易游体育官方网站unting policies set out in Note 2 of the 
Notes to YY易游体育官方网站nsolidated Financial Statements are in acYY易游体育官方网站rdance with
International AcYY易游体育官方网站unting Standards in all material respects, 
except as described in Note 4 of the Notes to YY易游体育官方网站nsolidated Financial 
Statements.

We have also reviewed the translation of the statement mentioned 
above into U.S.dollars on the basis described in Note 1.
In our opinion, such statements have been properly translated on 
such basis.

Osaka, Japan
June 29,1995
YY易游体育官方网站pyright &YY易游体育官方网站py; 1995-2011 KOBE STEEL, LTD. All rights reserved. http://www.kobelYY易游体育官方网站.YY易游体育官方网站m